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the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of february when we start approaching the ceiling for the debt limit, i think we'll be back in recession. it will be a fairly severe recession. so policy makers have a few weeks but not much more than that. they have to get this together. >> susie: some people are saying that today's jobs report is very encouraging and that you can look at this as a way that maybe the economy can handle some stuff belt tightening because things are looking a little bit better. how do you think the various parties, republican and democrats will handle this jobs report in their fiscal cliff negotiations
the economy pretty fast" if lawmakers don't settle the fiscal cliff issue. he's chief economist of moody's analytics. so mark falling off the fiscal cliff means bad things. how bad? >> it could be quite bad, susie. i don't think it's if we get into january and we haven't settled this but if house makers haven't nailed this down by early february, i think stock investors, bond investors will start to get very very nervous, start selling, risky businesses pull back and by the end of...
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when we finish this fiscal cliff matter, think it will be some unintended consequences, and one of them will be the increase n stocks by back because of the tax situation. if you think like a cfo, it will be looking to see what the alternatives will be to use that cash on the balance sheet and buybacks are very attractive -@alternative and they will be n 2013. liz: they come at the market surprise, sometimes. don't they? announcing a stock buyback, you often to the stock pop on that news. they tell me shareholders are constantly pushing them to do a stock buyback. explain to investors what makes the stock move to the upside. >> and let's see if we can help people out. the first question is they do have two file and disclose they're planning to do a share buyback this isn't something that comes out of the blue the watchful investor can actually go and research to see which have preannounced they will be buying back stock. that isn't always guaranteed, but they must file and disclose their intentions. that is one we can start looking at things. the jury is out frankly whether or not it al
when we finish this fiscal cliff matter, think it will be some unintended consequences, and one of them will be the increase n stocks by back because of the tax situation. if you think like a cfo, it will be looking to see what the alternatives will be to use that cash on the balance sheet and buybacks are very attractive -@alternative and they will be n 2013. liz: they come at the market surprise, sometimes. don't they? announcing a stock buyback, you often to the stock pop on that news. they...
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Dec 6, 2012
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in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown raise
in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and...
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i would rather go over the fiscal cliff. >> i don't want to go over the fiscal cliff, but i am not for raising the tax rates. you are not getting to the heart of the problem. it is continuing to sweep of the rock. stuart: you may come to a point where that is the twisted your facing. if he don't say yes on raising tax rates we will go over the cliff. when the going to do if push comes to shove at the very end of this month. >> and what we're trying to do them all we have been trying to do for years is to not come to this point. had we been addressing the need for a pro-growth agenda so that we could be growing in our way out a part of this problem, had we been addressing appropriate spending cuts, the reforms that were necessary. to just say let's raise the rates, you raise enough. you only raise enough money to cover eight days of federal spending. stuart: what are you going to do? if that's the choice that you face you have to say yes or no. yes, i raise tax rates on the rich or no will not. >> you don't raise tax rates which. stuart: you would love no. and started to push like this.
i would rather go over the fiscal cliff. >> i don't want to go over the fiscal cliff, but i am not for raising the tax rates. you are not getting to the heart of the problem. it is continuing to sweep of the rock. stuart: you may come to a point where that is the twisted your facing. if he don't say yes on raising tax rates we will go over the cliff. when the going to do if push comes to shove at the very end of this month. >> and what we're trying to do them all we have been trying...
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Dec 5, 2012
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will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from
will the white house let our economy go over the fiscal cliff if a deal on higher tax rates for the wealthy is not reached? we're checking it out. back in a moment. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. it's easy to follow the progress you're making toward all your financial goals. a...
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and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman michael o'neal. citi shares reacted positively to the news, though the stockstill trading at around 70% of its tangible book value. you can
and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities...
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Dec 13, 2012
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>> people are doing interesting things when it comes to the fiscal cliff and taxes. overall h & r block there's one in every five miles of every american. they are every where. this is not just for the month of december. this is going to be going through into january and february. this is their busy time. they hire about 100,000 year-round. the peak season is october to january. tax professionals client service customer care positions, customer care, tech support. one in every tax return in this country that is filed h & r block does it. the fiscal cliff is changing especially with the real estate market i will talk about that next week. they are busy right now. we want to know how to file our taxes. >>> they are lacking toer more than masking. >> exactly. >> everything is listed at my block casone exchange.com. you can apply. we are going to be getting follow up with the fed and crazy decision that took many of us by surprise. >> it is 25 minutes after the hour. he sacrificed his life to save the lives of fellow soldiers in iraq. why is the military refusing to give
>> people are doing interesting things when it comes to the fiscal cliff and taxes. overall h & r block there's one in every five miles of every american. they are every where. this is not just for the month of december. this is going to be going through into january and february. this is their busy time. they hire about 100,000 year-round. the peak season is october to january. tax professionals client service customer care positions, customer care, tech support. one in every tax...
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Dec 5, 2012
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with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, ther there a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary tkpwaoeugter in'ers.e.c.geithneg over the cliff, the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me -- or do not used a skwrebgive thes like "curt," "frank" and "direct" m
with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, ther there a code of silence the...
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cliff impacts news well it's a potential change to the tax exempt status of municipal bond interest yeah they're federal tax exempt more you may not know about you know simple bonds and our word of the day plus apple concedes defeat one of the world's coming due after what wired dubbed map map the hawk the libs or its disaster of a map app on the i phone five google mountain is back we'll discuss in loose change let's get to today's capital account. all right let's back up a little bit in late two thousand and ten it was prominent banking analyst meredith whitney is a big call. there's not a doubt in my mind that you will see a spate of municipal bond evolves how many is a spate you could see fifty sizeable defaults fifty to one hundred sizeable default more this woman out to hundreds of billions of dollars worth of defaults it will be something to worry about within the next twelve months. ok now it failed to play out as she seemed to indicate it would over the following year in turn pretty much ever since we have seen a spate of headlines similar to this murder of whitney unocal w
cliff impacts news well it's a potential change to the tax exempt status of municipal bond interest yeah they're federal tax exempt more you may not know about you know simple bonds and our word of the day plus apple concedes defeat one of the world's coming due after what wired dubbed map map the hawk the libs or its disaster of a map app on the i phone five google mountain is back we'll discuss in loose change let's get to today's capital account. all right let's back up a little bit in late...
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. >>> no fiscal cliff deal without raising taxes on the rich. that's what treasury secretary timothy geithner told steve lease son. steve joins us from the white house with more on this. >> melissa, thanks very much. interesting comments from the treasury secretary who laid out the negotiating position of the administration in ways that it hadn't before, at least not explicitly as they had. what i want to play here is the sound from the interview and i'm going to put my question in there too just so you understand exactly what the treasury secretary was responding to when it comes to the position of the administration on walking away or letting the country go over the fiscal cliff without tax hikes for the wealthy. here it is. >> i want to understand the administration's position when it comes to raising taxes on the wealthy and those making more than $250,000. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates go
. >>> no fiscal cliff deal without raising taxes on the rich. that's what treasury secretary timothy geithner told steve lease son. steve joins us from the white house with more on this. >> melissa, thanks very much. interesting comments from the treasury secretary who laid out the negotiating position of the administration in ways that it hadn't before, at least not explicitly as they had. what i want to play here is the sound from the interview and i'm going to put my question...
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Dec 10, 2012
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if the president and speaker boehner can't reach an agreement to avoid the fiscal cliff, taxes for all americans will go up and across-the-board spending cuts will kick in on january 1st. >> reporter: there are signs some republicans are now willing to compromise on taxes, if they can secure cuts to social security, medicare, and medicaid. >> you give the president the 2% he's talking about, the rate increase on the top 2%. and all of a sudden, the shift goes back to entitlements. >> reporter: one proposal under discussion, raging the eligibility age for medicare is not going well for some dem -- democrats and advocates for senior citizens. >> the option to raise the medicare age is bad policy and will increase costs. because people who are 65 and 66 still need health insurance. >> reporter: the aarp says the real solution to cutting the deficit is lowering skyrocketing healthcare costs. in washington, danielle nottingham, wjz eyewitness news. >> well, the official fiscal cliff deadline is december 31st. many on capitol hill say an agreement is needed buyer the before the end of this w
if the president and speaker boehner can't reach an agreement to avoid the fiscal cliff, taxes for all americans will go up and across-the-board spending cuts will kick in on january 1st. >> reporter: there are signs some republicans are now willing to compromise on taxes, if they can secure cuts to social security, medicare, and medicaid. >> you give the president the 2% he's talking about, the rate increase on the top 2%. and all of a sudden, the shift goes back to entitlements....
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the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a lot of money on a lot things, some of which we need, some of which we don't. why would a 200-month tax raise destroy the economy but spending $200 a month on a smartphone somehow doesn't? >> because of the aggregation problem. if you just look at one person it doesn't look so bad. but when you sum it up across 300 million americans and you factor in that 70% of our gdp is consumer spending, in europe it is about 55% so we're more dependent on the consumer for our growth -- then you understand why the congressional budget office -- i don't think they've ever done this before -- is actually pred
the tax hike on most americans if we go over the fiscal cliff and taxes go up across the board, $167 a month. that's about the same as two people's smartphones at home. that's not even a bill they had ten years ago. let's talk more about it. joining us, jared bernstein, senior fellow at the center on budget and policy priorities. nicole wu, director of domestic policy at the center for economic and policy research. jared, i'm not suggesting we go over it but i think you get my point. we spend a...
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cliff tax increases. however, outlet malls have actually performed better. consumers are finding value in the off-price luxuries at outlet malls, like this one. >> the consumer has begun to make some significant statement us in terms of their rpreferenc and the outlet malls are starting to find some distance between their performance and the performance other traditional malls. >> outlet mall occupancy nearly 95%, according to capri partners, compares to traditional malls about 90% or so th so. then when you talk about the revenues, 13 to 15% compared to low single digits for their traditional counterparts. we have the average base represent of 8 1/2% for outlet's and those sales up about 9%. l lum board says they are seeing the revenue increase and as a result, high-end retailers like nordstroms are looking to open more of their shops in the outlet centers. nordstrom plans to open 15 nordstrom racks in fiscal year 2012 and just one full-line store location. the outlet store strategy is baked in the cake
cliff tax increases. however, outlet malls have actually performed better. consumers are finding value in the off-price luxuries at outlet malls, like this one. >> the consumer has begun to make some significant statement us in terms of their rpreferenc and the outlet malls are starting to find some distance between their performance and the performance other traditional malls. >> outlet mall occupancy nearly 95%, according to capri partners, compares to traditional malls about 90%...
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Dec 7, 2012
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i think this is all fiscal cliff and tax related selling here. i don't think it's core, that rumor that because they moved up margins -- >> what do you do? your brother says stay away. >> i think he's right. you don't add to it until the final weeks of december. >> he didn't say stay away. >> did he say buy it? >> he said own it. >> if he thinks it's going up. >> if he loves it so much, why don't you buy more here? absolutely. on november 16th the stock rallied, took a little bit off, and i still believe on a tact tactical basis that's the right move, at least for me. longer-term time frame it is generational. it looks most like a bond. it's a bond-friendly type of asset. that's why i want to own it. now, john and pete are talking about what potentially could turn it. you have to look forward into the earnings season and understand the potential for the number of iphones to be sold to hit 50 million. now, the reason that it was down 9 of 11 weeks, why did that begin? it began on the conversation of iphone five constraints. you wanted to order an
i think this is all fiscal cliff and tax related selling here. i don't think it's core, that rumor that because they moved up margins -- >> what do you do? your brother says stay away. >> i think he's right. you don't add to it until the final weeks of december. >> he didn't say stay away. >> did he say buy it? >> he said own it. >> if he thinks it's going up. >> if he loves it so much, why don't you buy more here? absolutely. on november 16th the stock...
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we can't sit here and negotiate with ourselves. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover something that would be an embarrassment for the city. >> i have documentation that proves the intense corruption at all levels of the belizian government. >> busted and heading back to belize. silicon valley tycoon john mcafee is now under arrest. >> the dungeness crab season just got started and already, the boats are idle. >> from across the bay -- >> it's just imagine cal for me. >> -- to around the world, the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald captions by: caption colorado comments@captioncolorado.com >>> good morning, it's thursday, december 6. i'm michelle griego. >> hi, everyone. i'm frank mallicoat. it is 6:30 on t
we can't sit here and negotiate with ourselves. >> still no face-to-face talks on that "fiscal cliff." >> there will be no deal without a compromise on taxes. >> state lawmakers fixing their cars on your dime. >> as a taxpayer, you know, it's my money going to it so it's certainly frustrating. >> oakland police fend off the feds. >> most importantly, what they avoid is a complete federal takeover something that would be an embarrassment for the...
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Dec 11, 2012
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and medicare out of the fiscal cliff debate. >> don't talk about them as if they are entitlements and give aways. these are programs people have paid for over their entire working lives and have earned these programs. >> if lawmakers and the president don't find a compromise, taxes for all americans will go up and across the board spending cuts will kick in on january first. danielle nottingham, cbs news washington. >>> the former head of the international monetary fund and the maid who accuse him -- accused him of sexual assault has settled her lawsuit. it stems from a 2011 encounter. he denied he attack the woman but resigned. terms of the settlement are confidential. she still faces prostitution related charges in france. >>> tonight, the music world is mourning the death of a superstar. the body of grammy nominated singer jenni rivera was found in the wreckage of a crash near mix co. rivera and six others died -- mexico. the 43-year-old was headed back to central mexico with her interage. cbs 5 reporter len ramirez has more. >> you could hear the music blaring out as people played
and medicare out of the fiscal cliff debate. >> don't talk about them as if they are entitlements and give aways. these are programs people have paid for over their entire working lives and have earned these programs. >> if lawmakers and the president don't find a compromise, taxes for all americans will go up and across the board spending cuts will kick in on january first. danielle nottingham, cbs news washington. >>> the former head of the international monetary fund and...
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fiscal cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central america, we think. wealth editor robert frank has the latest details on the arrest of john mcafee. >> ye
fiscal cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with...
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cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here from europe 40 years ago and instantly felt the warm embrace of a truly generous and free society and now i see america galloping down the european road. we have already reached european levels of debt and our leaders give as political pablum. we deserve better than this. the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" wil
cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here...
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. >> the fiscal cliff, one of the things if we're really going to go over it and change the tax basis, the treasury has to call on corporate america to change the withholding tables. all of us get taxes withheld. if they're going to change what rate i'm going to be taxed at, they're going to have to change that table. that's not an overnight process. certainly, the treasury can't afford to let that go too long because everybody will be underwithheld. they'll get a big tax bill. there will be a riot among the people if that happens. what i'm watching is the treasury. if they get nervous enough, they'll ask them to change the tax tables. so far it looks like they smell a deal and haven't asked for it yet. you think we're going to get a deal? >> i think they may try to push it to the end. the other thing i'm watching for is the 17th when the president is due to take his family to hawaii. i don't think he wants to be in hawaii without a deal. something is going to come up. >> ron, what about you? >> i thought the resignation of senator jim demint, who was a staunch conservative, which was
. >> the fiscal cliff, one of the things if we're really going to go over it and change the tax basis, the treasury has to call on corporate america to change the withholding tables. all of us get taxes withheld. if they're going to change what rate i'm going to be taxed at, they're going to have to change that table. that's not an overnight process. certainly, the treasury can't afford to let that go too long because everybody will be underwithheld. they'll get a big tax bill. there will...
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and tax analysts say the estate tax is just too complicated to tackle in the fiscal cliff negotiations. >> if we get to a comprehensive reform of the tax system and we say, "okay, here is the income tax. this is what we are going to do. now, we need an estate tax to back it up," maybe you could change the estate tax in that setting. but just one off, i think that's hard to do. >> reporter: if congress doesn't act soon, the current $5 million estate tax exemption will fall to $1 million on january 1, though it is unlikely to stay there for long. darren gersh, nbr, washington. >> susie: the fiscal cliff was certainly one topic on the agenda of the federal reserve today as policymakers kicked off their two-day meeting. tomorrow, the world will be waiting to see whether the central bank will do more to prop up the u.s. economy. the big question is whether the fed will stick with its so- called "operation twist" bond- buying program, or will it announce something new? erika miller takes a closer look at what's expected. >> reporter: the fed may announce a new twist in its bond buying plans,
and tax analysts say the estate tax is just too complicated to tackle in the fiscal cliff negotiations. >> if we get to a comprehensive reform of the tax system and we say, "okay, here is the income tax. this is what we are going to do. now, we need an estate tax to back it up," maybe you could change the estate tax in that setting. but just one off, i think that's hard to do. >> reporter: if congress doesn't act soon, the current $5 million estate tax exemption will fall...
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house speaker sent the white house a fiscal cliff proposal calling for a permanent extension of the bush-era tax credit for incomes in the top 2%. that was the same proposal. >> that is the identical proposal. in 2011 that was the same proposal. john boehner he listen to this, this is b 12 john boehner after the election, what he was calling the president to do which he is not doing. >> mr. president this is your moment. we're ready to be led, not as democrats or republicans but as americans. we want to you lead, not as a liberal or conservative, but as president of the united states of america. we want to you succeed. let's challenge ourselves to find the common ground that has alluded us. let's rise above the dysfunction and do the right thing together for our country. >> cenk: now look, i'll tell i couldn't this pisses me off. lindsey graham says the same thing. this is not time to be liberal. conservatives say time to be conservatives. we've got a mandate. but not time to be liberal time to be bipartisan. you play small ball. you're not a man. a man agrees with us? why, a man kicks your
house speaker sent the white house a fiscal cliff proposal calling for a permanent extension of the bush-era tax credit for incomes in the top 2%. that was the same proposal. >> that is the identical proposal. in 2011 that was the same proposal. john boehner he listen to this, this is b 12 john boehner after the election, what he was calling the president to do which he is not doing. >> mr. president this is your moment. we're ready to be led, not as democrats or republicans but as...
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but the special dividend, ahead of this, this fiscal tax, cliff tax cliff. lori: we're with you. >> not going to happen. just not going to happen. there is no incentive to do so. lori: except for the fact shares evaporated so much from the $700 peak, right? >> yeah. the special dividend shows some assertiveness, financial strength, yes we have all the cash we can put it to work. at this point over the last three months apple shares have been down 17%. i think it is coming into question whether apple is the same apple that it was five years ago. melissa: for sure. >> it could certainly signal something but not going to happen right now. lori: appreciate that report. thanks, shibani. melissa: as more investors look for inflation hedges, hedge funds and endowments are hiding or adding hard assets to their stock portfolio. one to look at is medallion financial. robert gray spoke exclusively with the company's president. >> that's right, melissa. you can literally hail it as a public proxy for assets whose meter is running higher than other asset classes for deca
but the special dividend, ahead of this, this fiscal tax, cliff tax cliff. lori: we're with you. >> not going to happen. just not going to happen. there is no incentive to do so. lori: except for the fact shares evaporated so much from the $700 peak, right? >> yeah. the special dividend shows some assertiveness, financial strength, yes we have all the cash we can put it to work. at this point over the last three months apple shares have been down 17%. i think it is coming into...
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and he's insisted that it become part of the fiscal cliff negotiations. even though it is a political long shot, he has sort of backing from grover norquist on this who is saying it would be okay to enact carbon tax if we were talking about lowering rates elsewhere. stuart: grover says that? carbon tax okay if you lower tax rates on income? sandra: he's firmly against the carbon tax. he said, however, if they were willing to lower rates across the board in many other ways, he would be willing to discuss it. yes, he did make that point. stuart: okay. sandra: however what i don't like about this is al gore using a tragic situation hurricane sandy as an opportunistic -- stuart: he's not the only one. mayor bloomberg and governor cuomo said the same thing. harry reid said this. i take your point, but go. >> we can sit here and debate this. we don't have conclusive evidence either way. but the bottom line is he wants the government to come in and say we're going to harm small businesses here, we're going to impose the taxes, overregulate, do all the things tha
and he's insisted that it become part of the fiscal cliff negotiations. even though it is a political long shot, he has sort of backing from grover norquist on this who is saying it would be okay to enact carbon tax if we were talking about lowering rates elsewhere. stuart: grover says that? carbon tax okay if you lower tax rates on income? sandra: he's firmly against the carbon tax. he said, however, if they were willing to lower rates across the board in many other ways, he would be willing...
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. >>> this is a 9 news fiscal cliff note. >> fact, child care tax credits will be really reduced. right now a taxpayer gets a $1,000 tax credit per child each year. the credit kicks in when you file your annual income taxes, but if the reduction goes through, you will only be able to deduct $500, a 50% decrease. here's the back story. this year american families will claim over $38 billion in total child credits. if a compromise isn't reached soon, $37 billion in credits are due to be eliminated. why is this happening? it's part of an effort to slash $503 billion from the federal budget deficit through tax increases and deep spending cuts. >> you can learn more any time at www.wusa9.com and on 9 news. this has been a 9 news fiscal cliff note. >>> as we've been telling you here on 9 news, if an agreement cannot be reached by the 1st of the year, the cuts will have an enormous impact on houses, businesses and you name it and put a huge dent into medical research and drug development, possibly for years to come. automatic federal budget cuts means funding for the national institutes
. >>> this is a 9 news fiscal cliff note. >> fact, child care tax credits will be really reduced. right now a taxpayer gets a $1,000 tax credit per child each year. the credit kicks in when you file your annual income taxes, but if the reduction goes through, you will only be able to deduct $500, a 50% decrease. here's the back story. this year american families will claim over $38 billion in total child credits. if a compromise isn't reached soon, $37 billion in credits are due...
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the payout of 92 million he feared the blooming fiscal cliff and tax hike. he said he took his share of the money every month to avoid higher taxes next year. >> friends family and friends are mourning the loss of mexican american singer rivera. the 43-year-old believed to have been killed in a plane crash in mexico. her license was found in the plane. her body we are told was found this morning. even though the ntsb confirmed her death the family says they are still not losing hope. >> in our eyes we still have faith that my sister will be okay. we have no confirmation of her body being recovered. >>> we were told this morning that her body was recovered. we will have to check on that and give you word. the family is heading to mexico today. >> he was convicted of murdering a 7-year-old girl 15 years after the crime. the 73-year-old was sentenced in an illinois courthouse that case was considered one of america's oldest unsolved crimes. he had been dismissed as a suspect back when it happened and he went on to become a washington state police man. he was ar
the payout of 92 million he feared the blooming fiscal cliff and tax hike. he said he took his share of the money every month to avoid higher taxes next year. >> friends family and friends are mourning the loss of mexican american singer rivera. the 43-year-old believed to have been killed in a plane crash in mexico. her license was found in the plane. her body we are told was found this morning. even though the ntsb confirmed her death the family says they are still not losing hope....
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cliff. and the two most important players involving the financial future of our nation. i'm harris falkner, we're told a meeting was held behind closed door and without the media's knowledge and both men tight-lipped about what was said and when we asked for comments, both giving us the same statement, quote, this afternoon the president and speaker boehner met at the white house to discuss efforts to resolve the fiscal cliff, we're not reading out details of the communication, but the lines of communication remain open, end quote. this meeting comes as the white house and congress appear to be at at impasse, you know by now is crippling spending and tax hikes and could cost us jobs and send us back into recession and to solve the problem, republicans say we must prevent our ballooning national debt from crushing generations. and chief white house correspondent now ed henry joins us by phone with the latest on this breaking story, ed, they kept this under wraps. how big after deal is this? >
cliff. and the two most important players involving the financial future of our nation. i'm harris falkner, we're told a meeting was held behind closed door and without the media's knowledge and both men tight-lipped about what was said and when we asked for comments, both giving us the same statement, quote, this afternoon the president and speaker boehner met at the white house to discuss efforts to resolve the fiscal cliff, we're not reading out details of the communication, but the lines of...
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businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already ting action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come back as house prices rise and stock prices are now double what they were at the bottom in march of '09. when you look at state and local budgets, they're now much better with revenue rising. so theayof and budget cuts, we think are waning, if not over. housing is clearly coming back. things are improving and consumer confidence reflects that. >> tom: but there is that dark cloud of the fiscal cliff. you mentioned it earlier, businesses planning for consumer confidence to go off that cliff if we go off it as a country. do you not agree with that prospect? >> well, no. i believe it will -- if nothing happens and there is no agreement, i think there will be a mild, k
businesses are looking ahead, and they're thinking with increased taxes, because of the fiscal cliff, if the worst happens, consumer demand is just going to fall off. they are already ting action today to try to prepare for that eventuality. but the consumer is kind of blankly ignoring this, and confidence is up for really lots of reasons. i mean, the net worth of households has been repaired. about two-thirds of it has come back as house prices rise and stock prices are now double what they...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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the fiscal cliff is all about tax hikes. it is not about the spending cuts. then's a problem because we have sluggish growth and we have a spending problem and 16 trillion in debt and raising those taxes aren't going to fix our problems. i've never heard of taxing our way into prosperity. and so i don't understand why the discussion is centering so much around the hikes and not around cutting the spending, which is what we need to do. stuart: the president actually wants 50 billion in extra spending in the -- charles: he also wants the power to raise the debt willy-nilly whenever he wants. the g.o.p. lost that. they should have drawn that line in the sand a long time ago. it's always been about revenues. boehner's already given in on that. it's just how do we come to that numb number? here's the thing, the president isn't going to listen to anything outside of the oval office. what they are telling him, you have a mandate, you have a decisive victory, pound, pound, pound. stuart: i think he will have a tax increase on the rich, promise of spending cuts -- cha
the fiscal cliff is all about tax hikes. it is not about the spending cuts. then's a problem because we have sluggish growth and we have a spending problem and 16 trillion in debt and raising those taxes aren't going to fix our problems. i've never heard of taxing our way into prosperity. and so i don't understand why the discussion is centering so much around the hikes and not around cutting the spending, which is what we need to do. stuart: the president actually wants 50 billion in extra...
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they say we are over the fiscal cliff, unless tax rates go up. the sign will come from the fed. we will know in the next 90 minutes. former atlanta fed joins us now. how is the decision connected, do you think, to the fiscal cliff? >> it has to do with balancing risks. they do not want to risk the recovery that we have underway already, even though it is slow. i expect two things. first, they will not change policy. they will continue quantitative easing. they will probably stop operation twist. simply because they do not have anyone short-term securities of any significance to sell. they will continue the asset buying programs as a hedge against going over the cliff. connell: all these names that we have become familiar with, you mentioned operation twist and quantitative easing, one, two, three, the speculation about four. basically, easy on it. policy. you are telling us, and a lot of people expect, they are worried about what the fiscal people are doing or not doing. >> they do not have to with interest rates so low. >> well, that is the trade-off. a lot of people think that
they say we are over the fiscal cliff, unless tax rates go up. the sign will come from the fed. we will know in the next 90 minutes. former atlanta fed joins us now. how is the decision connected, do you think, to the fiscal cliff? >> it has to do with balancing risks. they do not want to risk the recovery that we have underway already, even though it is slow. i expect two things. first, they will not change policy. they will continue quantitative easing. they will probably stop operation...
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. >> there is some signs today prof gres in the fiscal cliff negotiations. the president still says he won't compromise on demands that the wealthyest americans pay more in tax autos he's not criticizing republicans, either. that is a possible indication that private tuck talk was republican leaders are going along okay. >> move on.org is hosting rallies and pushing for an end to those cuts. abc 7 news is at one of them right now. >> this rally supposed to begin at 4:00 this afternoon. they're slow getting started. there is a couple dozen people here this, he say they're expecting about 400 by later tonight. there were rallies like this around the bay area today in walnut creek and into oakland. outside of the social security administration office a crowd of 50 listened to speakers calling on congress to quote do the right thing. >> tax the super rich. protect the middle class. >> they added don't do anything to cut social security or#'6qp medicare or medicaid. >> i tell you, i'm going back to washington, d.c. tomorrow to continue to fight for this fight. an
. >> there is some signs today prof gres in the fiscal cliff negotiations. the president still says he won't compromise on demands that the wealthyest americans pay more in tax autos he's not criticizing republicans, either. that is a possible indication that private tuck talk was republican leaders are going along okay. >> move on.org is hosting rallies and pushing for an end to those cuts. abc 7 news is at one of them right now. >> this rally supposed to begin at 4:00 this...
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on high income people, if we raise taxes for the fiscal cliff or for debt ceiling, do you believe the will also raise taxes on middle class. 60% percent of americans understand that once the politicians get the bloodlust out there, once they smell the blood in the water, once they raise taxes on the few, they go after the many. melissa: oh, i absolutely believe that's right but i think that the point is the republicans are losing momentum on the side of not raising taxes. that it is starting to feel more and more like there must be some concession, there must be some caving to get through the fiscal cliff. when you look at senators who have said they're going back on the pledge, lindsey graham, bob corker, tom coburn, lamar alexander, eric cantor, what do you do at this point to keep the fight going? or do you think that it is necessary to concede a little bit of ground? >> well, two things. the senators, the republican senators to a certain extent don't matter because the democratic senate can pass a tax increase if they want the senaaors you mentioned would only vote for a tax incre
on high income people, if we raise taxes for the fiscal cliff or for debt ceiling, do you believe the will also raise taxes on middle class. 60% percent of americans understand that once the politicians get the bloodlust out there, once they smell the blood in the water, once they raise taxes on the few, they go after the many. melissa: oh, i absolutely believe that's right but i think that the point is the republicans are losing momentum on the side of not raising taxes. that it is starting to...
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from td ameritrade. >>> well, going over the fiscal cliff will trigger huge hikes in the death tax. >> our wealth editor robert frank breaks it down now. >> thanks, bill. the estate tax could go up even more and become a big problem for any kind of cliff deal. let's take a look. the current tax is around 30%. only those worth $5 million or more have to file. if we go off the cliff, it will shoot to 55%. anyone with an estate with $1 million or more will have to file. that will cost many more in the estate tax. many prefer the tax is abolished. obama wants a 45% rate and $3.5 million cutoff. that's midway between today's rates and the old rate. now the problem is even some democrats are siding with republicans. they say they want to keep the current rates. so all sides here remain very far apart. this matters because wealthy families need to rewrite their wills, their charity plans. and for the country there are hundreds of billions of dollars of taxes at stake. it's also a hugely symbolic tax. the left says these estate taxes are important to curb family dynasties. and they also call
from td ameritrade. >>> well, going over the fiscal cliff will trigger huge hikes in the death tax. >> our wealth editor robert frank breaks it down now. >> thanks, bill. the estate tax could go up even more and become a big problem for any kind of cliff deal. let's take a look. the current tax is around 30%. only those worth $5 million or more have to file. if we go off the cliff, it will shoot to 55%. anyone with an estate with $1 million or more will have to file. that...
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look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time ago, this morning. it showed that consumer confidence plunged and in the first week of its month because americans don't know what to expect taxwise. that's a bad sign for retailers at the most important time of the year. the holidays. because guess what, if consumers aren't feeling confident, they are no going to spend. that domino effect that hit retailers, many of these retailers depend on the holiday sales to push them into a profit important the year. this is what's weighing out there in -- you know, for consumers, yes. fiscal cliff definitely weighing on things. despite the fact that the jo
look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time...
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we say let's do it all. >> even at the expense of going off the fiscal cliff because if we do that taxes will go up on middle class americans to the tune of 2,000 plus dollars. >> and my whole point is we can put the brakes on the fiscal cliff. they say let's cut taxes for the first $250,000. democrats say that. let's agree and pass what we can agree on and where we can't agree, we can have debates later on. i think the figure ought to be higher than $250,000. i think it should reflect the cost of living in high cost areas like long island. i'm not going to tell my constituents that make less than $250,000, that it should be more. we can all agree on $250,000 and debate what we cannot agree on. >> something about the negotiations themselves seems unusual to me. it seems that house republicans are dealing directly with president obama and sort of skipping over their democratic counterparts like what are you guys doing? >> look, everybody needs to get into a room. there's no question about it. and i don't care whether you are negotiating a baseball contract or negotiating a solution to thi
we say let's do it all. >> even at the expense of going off the fiscal cliff because if we do that taxes will go up on middle class americans to the tune of 2,000 plus dollars. >> and my whole point is we can put the brakes on the fiscal cliff. they say let's cut taxes for the first $250,000. democrats say that. let's agree and pass what we can agree on and where we can't agree, we can have debates later on. i think the figure ought to be higher than $250,000. i think it should...